Letter of Intent & An Introduction to Engel & Völkers Jackson Hole

JACKSON HOLE STAR VALLEY SUBLETTE TETON VALLEY SWAN VALLEY DUBOIS EASTERN IDAHO

PGE, LLC

Mr. George Marodis

25 South Capitol Parkway Montgomery, AL 36107-1901

Engel & Völkers Jackson Hole

RE: Letter of Intent to Lease 155 W. Broadway

Dear Mr. Marodis,

09.11.2023

Included in this package is a letter of intent to lease your commercial property at 155 W. Broadway along with a snapshot of who we are on a global and local level. For over 40 years now, Engel & Völkers has specialized in the sale of premium residential property and commercial real estate. As a leading global service company, Engel &Völkers currently operates in over 1,000 locations in more than 30 countries spanning four continents.

Six years ago, my wife, Crystal, and I decided to bring this iconic brand to service the local real estate needs of our community. In six years we have been fortunate to experience steady growth and have opened offices in Jackson Hole, Star Valley, and Sublette County. We have Advisors who currently service clients in seven regions: Jackson Hole, Star Valley, Teton Valley, Sublette County, Dubois, Swan Valley, and Eastern Idaho.

For the last six years we have leased downtown commercial space on King Street, and were just about to sign a new lease with our current landlord when your commercial property came to our attention. We are happy in our current space, but your building would allow our growing team of real estate Advisors the space they need to continue to provide excellent service to their clients. Your building is the exact look, feel, and size we have been looking for to have a long-term and steady home for Engel & Völkers Jackson Hole.

Ray told us the history of your building going all the way back to the restaurant days. Being long-term locals, we cherish and value the history you and the building have in the valley. Crystal was raised in Jackson with three other siblings. 22 years ago, I came here from South Carolina after college to ski for a winter, stayed for the summer, met Crystal, and the rest is history. I began my real estate career 16 years ago, started my own company 8 years ago, and purchased the Engel & Völkers Franchise six years ago.

Thank you for your time and consideration. Please let us know if you have any questions. We are available to meet via Zoom or Google Meet if you are interested. We look forward to hearing from you.

Sincerely,

Andrew Ellett

Andrew Ellett Broker/Owner

The following is a proposal to lease the referenced space.

Basic Lease Provisions:

1. Property Identification (“Premises”): 155 W. Broadway, Jackson, WY, 83001

2. Tenant Name: PS37, LLC, dba Engel & Völkers Jackson Hole owned solely by Andrew T. Ellett & Crystal L. Ellett

3. Initial Base Annual Rent: $48 / square foot

4. Tenant’s Operating Expenses

The Lease will provide that Tenant will reimburse Landlord for Landlord’s actual, reasonable, out-of-pocket costs for real estate taxes, insurance, and maintenance charges applicable to the building.

5. Proposed Rent Schedule: First Months Rent due on the 1st beginning January, 2024

6. Lease Commencement Date: January 1st, 2024

7. Base Rent Commencement Date: January 1st, 2024

8. Expiration Date: December 31st, 2028, unless option(s) to renew are available

9. Initial Term: January 1st, 2024, to December 31st, 2028

10. Intended Use: Professional Real Estate Sales Office

11. Preferred Option(s) to Renew: First Option (January 1st, 2029, to December 31st, 2033); Second Option (January 1st, 2034, to December 31st, 2038)

12. Utilities: Paid by the Tenant

13. Maintenance and Repairs:

The Tenant will be responsible for all routine maintenance of the demised premises and shall keep the interior of the Premises in as good order and repair it is at the time of the commencement of the Lease, ordinary wear and tear excepted. Landlord will be responsible for all structural maintenance and extraordinary repairs not caused by Tenant negligence.

14. Landlord Work: None

15. Tenant Finish: Walls as needed for offices

16. Commission: Negotiable as Tenant has Wyoming Real Estate License

17. Address for Notices

Tenant:

PS37, LLC, dba Engel & Völkers Jackson Hole PO Box 9346

Jackson, WY, 83002

Landlord: PGE, LLC

25 S. Capitol Parkway

Montgomery, AL, 36107

18. Guarantor(s): The lease shall be personally guaranteed by the individual signatories to the lease.

It is understood and agreed that this document is NOT a binding agreement, but simply an outline of the basic terms and conditions of the lease. Unless, and until, a fully executed Lease Agreement outlining the above terms, and such other terms acceptable to Tenant and Landlord is executed, neither Tenant nor Landlord shall have any liability or obligation to the other. Landlord shall prepare the lease in accordance with the terms outlined in this Letter of Intent.

Sincerely,

By:____ Andrew Ellett____________________________

LANDLORD

By:________________________________

Date:_____________

Date: ____________

ABOUT OUR OWNERS

ANDREW ELLETT

Andrew Ellett is the owner and managing broker for Engel & Volkers Jackson Hole, a premier Real Estate Brokerage specializing in the purchase and sale of many of the most exclusive luxury properties in the Jackson Hole region.

For as long as he can remember, Andrew was intrigued by mountains, snow, and all of the adventurous pursuits that are part of the Rocky Mountain lifestyle. Growing up in Atlanta, Georgia, there were few outlets for winter activities like skiing and mountaineering. After college, he took the leap and moved to Jackson Hole for a ski season. As most Jackson stories go, one season became two and the rest was history. Sixteen years have passed since his first visit to the Tetons, and he cannot imagine calling anywhere else home. Andrew is licensed in both Wyoming and Idaho and handles all types of Real Estate transactions from residential to commercial to resort rental property. His extensive experience in property management, short-term rental management, and income-producing property gives him a unique and powerful insight that few Realtors possess. He is also well versed in the complexities of bank-owned and short-sale transactions, as well as helping clients navigate the ever-changing landscape of bank financing. Above all else, he has a passion for working with Buyers to find their perfect piece of Jackson Hole. The search for the perfect property can oftentimes be arduous, requiring skill, patience, complex negotiation, and creativity. Andrew thrives in these situations and treats every deal as if it were his own.

Andrew is a graduate of Presbyterian College in Clinton, South Carolina. He and his wife, Crystal, have two young daughters, Lydia and Chloe, and enjoy a wide variety of pursuits including skiing, mountain biking, hunting, and volunteer work for local church ministries. He serves on the Board of Directors for River Crossing Church and is the 2018 President for the Teton Board of Realtors. Andrew is also an instrument-rated pilot and enjoys the freedom and beauty of flying in the Rocky Mountains.

CRYSTAL ELLETT

Crystal is a licensed partner of Engel & Völkers Jackson Hole and works closely with Advisors and staff to ensure all clients receive an experience of the highest caliber when buying and selling their properties in Jackson Hole and surrounding areas. She is also the head of the philanthropic division of the company linking our Advisors with Special Olympics and other local nonprofits to raise funds and volunteer support for their worthy cause. Crystal believes in “living beyond yourself” and making a difference in our community and world.

Crystal was raised in Jackson Hole and has always been captivated by the extreme elements and beauty this valley has to offer. The mountains, rivers, trails and lakes, coupled with the dynamic and close community is what makes Jackson Hole the place she will always call home. Crystal met her husband, Andrew, in Jackson in 2002 and dedicates her time to raising their two beautiful daughters, leveraging and supporting the Advisors and Staff at Engel & Völkers Jackson Hole, and volunteering for her church.

After graduating from the University of Idaho with honors and a degree in Finance and Spanish, Crystal began her real estate career as a property manager managing over 80 properties in Jackson Hole specializing in the short term rental market. She became intimately familiar with the local Property Management industry and the income potential of each home, townhome and condominium in Jackson Hole, The Aspens and Teton Village.

LEADERSHIP & STAFF

COO/ ADVISOR SALES COACH

DEPUTY BROKER

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Designations & Divisions

Our History

The foundations of Engel & Völkers were laid by Dirk Engel in Hamburg, Germany in 1977. Three years later, he was joined by Christian Völkers to open the company’s first brokerage. The two founders went on to develop a global luxury brand with a focus on exceptional real estate systems and service. In 2006 Engel & Völkers entered the US and began its Americas growth story.

Proudly Serving Western Wyoming & Eastern Idaho

7 Regions 36 Professional Advisors

Jackson Hole, Star Valley, Teton Valley, Sublette, Dubois, Swan Valley, and Eastern Idaho

WHAT SETS ENGEL & VÖLKERS APART?

IT'S ABOUT HELPING PEOPLE DISCOVER THEIR NEW HOME AND THE NEW LIFE THAT AWAITS.

There will always be another listing to sell, the next house to own. That’s our industry. That’s real estate. Certainly, that’s how some look at it.

But, I’ve always believed that there is more to the story. It goes beyond the transacting of properties. It’s all about helping people discover their new home and the new life that awaits.

A little too grand? No. Not in the least.

Engel & Völkers Americas has the fortunate position of drawing upon a brand rich in history with an iconic European heritage to shape a vision that is true, yet refreshing, to the Americas. Our strong DNA links every continent, country and cul-de-sac Engel & Völkers represents.

ENGEL & VÖLKERS STAR VALLEY

Reclaimed luxury

Luxury is more than an object or property, but rather, the fullness of life that begins and ends the day in the most important space we know: home.

The true meaning of luxury has been lost and in many ways tarnished by excess and price. It’s simply the enjoyment of the best in life; an experience of beauty and knowledge; and the intimate relationship of context, comfort and craftsmanship.

Every market is different, and every person distinct. From starter homes to dream homes and even castles (yes, we can help with those, too), Engel & Völkers helps you make luxury personally yours by discovering what it truly means to you.

Bespoke experience

It means handcrafted attention to every detail, expert knowledge and insight, and meticulous white-glove service tailored discreetly for you.

Whether buying or selling a home, Engel & Völkers ensures an experience of the highest caliber.

Sophisticated systems and smarter strategies are just starting points. It’s our standard of service exhibited by all of our real estate advisors and license partners that sets us apart…and our standards are high

Global network

Across the street, across the country or across the world, our global network gives you the reach and coverage, premium experience and resources, and peace of mind you need when buying or selling a home.

Even more dynamic is the collaboration, idea-sharing, and referral benefits that truly connect us to each other and to the growing class of global homebuyers.

Culture of leadership

Every individual at Engel &Völkers is driven by an ethos of leadership. It’s why we don’t simply have agents, but rather, trusted advisors to guide clients through their home journey with precise knowledge and distinguished care.

Every individual who is part of Engel & Völkers, at every level, embodies this mindset.

INNOVATION

adjective | icon·ic | \ ī-’kä-nik \

of, relating to, or having the characteristics of an icon

a: widely recognized and well-established; an iconic brand name

b: widely known and acknowledged especially for distinctive excellence; AN ICONIC SHOP

ICONIC SHOP

A globally consistent look and feel ensures brand recognition and brings to mind the expectation of high-end service and exceptional real estate wherever you are in the world. 2

The sleek design features an open concept encouraging collaboration among advisors and allowing each shop to serve as a venue for hosting community events.

3 4

Large windows boast beautiful property exposés displayed like fine jewelry, showcasing properties locally and around the world.

Meticulous details such as a black, windowed door, large address numbers, red banister knobs and exterior lighting create a warm atmosphere where clients feel at home.

White façades and large windows showcase beautiful exposés that draw visitors in as they dream of a new home. Whether in Toronto, Savannah, Barcelona or Brussels, our shops are an expression of our passion for real estate and our shared commitment to supporting our advisors in delivering bespoke experiences. 1 5

Coffers prominently exhibit GG branding, highlighting our proprietary lifestyle magazine featuring global trends, personalities and the finest properties.

AN ICONIC SHOP

Jackson Hole

Star Valley

Star Valley

Sublette

MEET OUR ADVISORS

Abby Humes Star Valley

Amanda Wengerd Jackson Hole

Andrew Ellett Jackson Hole

Anne Fish Jackson Hole

Brent Rogers Jackson Hole Ckarke Todd Jackson Hole

Darcy Young Sublette

David Viehman Jackson Hole

Diana Ferguson Star Valley

Devon Viehman Jackson Hole

Haley Ochsner Jackson Hole Hayden Fake Jackson Hole

Jason "Pup" Smith Jackson Hole Jim Hickey Jackson Hole

JJ Gill Jackson Hole

Jo Gathercole Jackson Hole Josie Daniel Jackson Hole

Judy Rogers Jackson Hole

Julie Robinson Star Valley

Keith Wortman Star Valley

Lila Perry Jackson Hole

Lori Reiland Sublette

Josie Daniel Jackson Hole

Luke Smith Jackson Hole

Lynne Wagner Jackson Hole

Melissa Ayers Star Valley

Nancy Lee Clancy Jackson Hole

Nicolette Maw Jackson Hole

Paige Alise Star Valley Sewall Team Jackson Hole

Shea DeMello Star Valley

Sherry Messina Jackson Hole

Sierra Banks Sublette

Tara Bolgiano Sublette

Vanessa Cameron Sublette

Leidy Sosa Jackson Hole

Holly Wiebelhaus Star Valley

Vince Kramer Star Valley

LIFE AT ENGEL & VÖLKERS